GBP/AUD 4H Chart: Tests 2019 low
The British Pound has declined by 2.94% against the Australian Dollar since the middle of June. The currency pair tested 2019 low level at 1.7900 during the Asian session on Tuesday.
Technical indicators suggest selling signals on both the smaller and the larger time-frame charts. Most likely, bearish traders would continue to pressure the exchange rate lower within this week's trading sessions.
However, if the support level at 1.7885 holds, a breakout through the upper boundary of a descending channel pattern would occur during the following trading sessions.
GBP/CAD 4H: Selling signals
Most likely, the Canadian Dollar will continue to gain strength against the British Pound within this week's trading sessions. The potential target for the GBP/CAD currency pair will be at the 1.6683.
However, the weekly support level at 1.6780 could provide support for the currency exchange rate during the following trading sessions.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.